Donald Trump's net worth dropped by $700m during presidency

WION Web Team
Washington, United StatesUpdated: Mar 18, 2021, 07:54 PM IST

(File Photo) Former US President Donald Trump Photograph:(AFP)

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This has come after several experts reported that Trump's businesses may not be able to recover from his presidency ever

US elections 2020 are not the only thing that the former reality star Donald Trump lost. The coronavirus pandemic hit his fortunes, bringing a decline in his net worth.

According to the Bloomberg Billionaires Index, the former US president's net worth dropped by nearly $700 million and reached $2.3 billion.

The decline in his net worth was observed after Trump's office buildings, hotels and resorts reported loss in revenues and a decline in value. Trump's favoured golf courses and a fleet of planes also saw a decline in the value.

Bloomberg analysed Trump's financial documents and other filings between the period of May 2016 and January 2021, which revealed Trump's wealth before and after he became the US president.

The report has estimated a decline of 26 per cent in the value of Trump's main commercial property holdings.

The decline in the value of Trump's golf courses has come as a surprise as the love for the game has seen an increase during the pandemic as a socially distanced outdoor sport.

Adding to the declining value, the Professional Golfers' Association (PGA) of America also ended its agreement to host the 2022 championship tournament in Trump's gold course after the Capitol riots, which tarnished Trump's image.

In addition to this, Trump also owns a fleet of planes that are decades old and have seen a decline in value over the years, as per the financial disclosures seen by Bloomberg.

This has come after several experts reported that Trump's businesses may not be able to recover from his presidency ever. 

"Trump will exit the presidency with a brutal set of targets surrounding the heart of his brand, which will be a danger to his survival economically and that of his children, and likely will lead to excruciating pain of the type he has really never faced," Eric Schiffer, a public relations expert told Insider.

His financial records have been a well-kept secret for the past few years while he was in the White House. However, last month, the Supreme Court ordered Trump to hand over his tax returns to New York prosecutors, which have now revealed the decline in his value.